Zacks Investment Research upgraded shares of Affiliated Managers Group (NYSE:AMG) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. They currently have $230.00 target price on the asset manager’s stock.
According to Zacks, “Affiliated Managers’ shares have outperformed the industry, over the past six months. This was supported by the company’s impressive earnings surprise history, as it surpassed the Zacks Consensus Estimate in each of the trailing four quarters. The company remains well positioned for growth based on successful partnerships, a diverse product mix and initiatives undertaken to strengthen its retail market operations. Further, inflows are expected to get impetus with broad distribution across channels and product categories. However, pressure on revenues, higher debt levels and intangibles in the balance sheet remain major near-term concerns.”
A number of other research analysts have also recently issued reports on AMG. Barrington Research reissued an outperform rating and set a $215.00 price target on shares of Affiliated Managers Group in a research report on Wednesday, October 4th. They noted that the move was a valuation call. Keefe, Bruyette & Woods reissued a buy rating and set a $229.00 price target on shares of Affiliated Managers Group in a research report on Thursday, October 12th. Finally, Jefferies Group reissued a buy rating and set a $226.00 price target on shares of Affiliated Managers Group in a research report on Thursday, October 12th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Affiliated Managers Group presently has an average rating of Buy and an average price target of $209.00.
Affiliated Managers Group (NYSE:AMG) last issued its quarterly earnings results on Monday, October 30th. The asset manager reported $3.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.36 by $0.05. Affiliated Managers Group had a net margin of 23.29% and a return on equity of 17.63%. The company had revenue of $585.70 million during the quarter, compared to analysts’ expectations of $586.55 million. During the same period last year, the company posted $3.02 EPS. Affiliated Managers Group’s revenue was up 7.5% on a year-over-year basis. sell-side analysts expect that Affiliated Managers Group will post 14.47 earnings per share for the current fiscal year.
In other Affiliated Managers Group news, insider Peter W. Macewen sold 10,000 shares of Affiliated Managers Group stock in a transaction dated Tuesday, December 5th. The shares were sold at an average price of $197.67, for a total value of $1,976,700.00. Following the completion of the transaction, the insider now directly owns 37,682 shares of the company’s stock, valued at $7,448,600.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dwight D. Churchill sold 2,080 shares of Affiliated Managers Group stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $184.28, for a total transaction of $383,302.40. Following the completion of the transaction, the director now directly owns 6,104 shares of the company’s stock, valued at $1,124,845.12. The disclosure for this sale can be found here. Over the last three months, insiders have sold 89,585 shares of company stock valued at $16,734,012. 1.40% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of AMG. The Manufacturers Life Insurance Company raised its holdings in Affiliated Managers Group by 60.9% in the second quarter. The Manufacturers Life Insurance Company now owns 3,591,358 shares of the asset manager’s stock worth $595,663,000 after buying an additional 1,359,805 shares during the last quarter. EdgePoint Investment Group Inc. raised its holdings in Affiliated Managers Group by 42.2% in the second quarter. EdgePoint Investment Group Inc. now owns 1,932,316 shares of the asset manager’s stock worth $320,494,000 after buying an additional 573,066 shares during the last quarter. Amundi Pioneer Asset Management Inc. raised its holdings in Affiliated Managers Group by 156.0% in the third quarter. Amundi Pioneer Asset Management Inc. now owns 714,516 shares of the asset manager’s stock worth $135,637,000 after buying an additional 435,440 shares during the last quarter. Janus Henderson Group PLC raised its holdings in Affiliated Managers Group by 333.2% in the second quarter. Janus Henderson Group PLC now owns 518,866 shares of the asset manager’s stock worth $86,059,000 after buying an additional 399,083 shares during the last quarter. Finally, Jane Street Group LLC raised its holdings in Affiliated Managers Group by 101.1% in the third quarter. Jane Street Group LLC now owns 3,939 shares of the asset manager’s stock worth $748,000 after buying an additional 366,268 shares during the last quarter. 95.65% of the stock is owned by institutional investors and hedge funds.
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Affiliated Managers Group Company Profile
Affiliated Managers Group, Inc is an asset management company with equity investments in boutique investment management firms. The Company operates in three segments, which represent its principal distribution channels: Institutional, Mutual Fund and High Net Worth. The equity method investments in the Institutional distribution channel are made in relationships with public and private client entities, including foundations, endowments, sovereign wealth funds and retirement plans for corporations and municipalities.
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